Shadowfax Technologies, one of the leading logistics services providers, submitted its Updated Draft Red Herring Prospectus (UDRHP) to SEBI on October 31 with an aim to raise funds of ₹2,000 crore via an initial public offering. The company is supported by Flipkart, TPG, and Qualcomm.
The IPO includes a fresh issue of ₹1000 crore and an Offer-for-Sale of up to ₹1000 crore by existing shareholders.
Selling shareholders in the Offer-for-Sale include Walmart’s Flipkart Internet, Eight Roads Investments Mauritius, TPG’s NewQuest Asia Fund, Nokia Growth Partners, International Finance Corporation, Mirae Asset, Qualcomm, and Snapdeal founders Kunal Bahl and Rohit Kumar Bansal.
Shadowfax, founded by Abhishek Bansal and Vaibhav Khandelwal, said its Updated Draft Red Herring Prospectus – I will be open for any public comments for at least 21 days from the date of its filing with SEBI and stock exchanges. They also said they would file the UDRHP-II with SEBI later, if needed, after making changes as per the public comments and feedback.
The company has already received the green signal from SEBI on October 7, 2025, through its confidential route. If the public doesn’t have any objection to the UDRHP-I and SEBI doesn’t make any notes, the company can file the Red Herring Prospectus for its IPO.
While promoters own 20.26% of the company, the other 79.74% is owned by public shareholders, such as NewQuest Asia Fund, Eight Roads Investments Mauritius, and Flipkart Internet.
The proceeds of ₹423.4 crore raised from the fresh issue will be used towards its network infrastructure. A portion of ₹138.6 crore will be used for lease payments for new first-mile, last-mile, and sort centers. A fund of ₹88.6 crore will be utilized towards branding, marketing, and communication costs. Lastly, the remaining funds will be used for the company’s general corporate purposes.
The book-running lead managers of the issue are ICICI Securities, Morgan Stanley India Company, and JM Financial. Blue Dart Express and Delhivery are the competitors of Shadowfax.
For the six months ended September 2025, Shadowfax has generated a profit of ₹21 crore, up 113.9% from ₹9.8 crore a year ago.
The company’s revenue increased to ₹1,805.6 crore from ₹1,072 crore, covering 72% of last year’s total revenue of ₹2,485 crore in just six months.
Shadowfax IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
Shadowfax Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2023 | ₹1,422.89 | ₹1,565.53 | ₹142.64 |
| 2024 | ₹1,896.48 | ₹1,908.36 | ₹11.88 |
| 2025 | ₹2,514.66 | ₹2,508.60 | ₹6.43 |
| September 2025 | ₹1,819.80 | ₹1,798.77 | ₹21.04 |
Shadowfax IPO Valuation – FY2025
Shadowfax IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹0.13 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 0.97% |
| Net Asset Value (NAV): | ₹13.83 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Blue Dart Express Limited | 106.38 | 52.32 | 17.25 | 657.05 | 5,762.16 Cr. |
| Delhivery Limited | 2.19 | 218.18 | 1.75 | 124.77 | 9,372.01 Cr. |
Objects of the Issue
- Funding of capital expenditure requirements of our Company in relation to our network infrastructure;
- Funding of lease payments for new first mile centers, last mile centers and sort centers;
- Funding of branding, marketing and communication costs; and
- Unidentified inorganic acquisitions and general corporate purposes.
IPO Lead Managers aka Merchant Bankers
- ICICI Securities Limited
- Morgan Stanley India Company Private Limited
- JM Financial Limited
